PHOENIX-Locally based Vestar, in a joint venture with a UBS Global Asset Management-advised fund, has entered Texas with its buy of the 350,000-square-foot Deerbrook Marketplace in Humble, TX. The duo acquired the power center from Investcorp, which, in turn, had bought the property in 2010.

According to a press release issued by Vestar, the retail property at 20202 SH 59 N is an idea value-add opportunity. “Deerbrook Marketplace is a high performing asset in a vibrant Houston submarket which is expected to see strong job and population growth for the next several years,” says David Larcher, executive vice president of Vestar in the release.  “Our goal is to increase cash flow by bringing in new retailers and adding additional retail space." Larcher goes on to say that Vestar is looking for similar assets throughout the western United States.

Deerbrook Marketplace is leased to several national tenants including Sports Authority, Best Buy, Bed Bath & Beyond, Marshalls, OfficeMax, PetSmart and Old Navy. The Jones Lang LaSalle team of George Cushing and Wendy Vandeventer represented the seller in the transaction.